Why Purchase Errors & Omissions Insurance?
As a law firm you know the cost and distraction of fighting an allegation of wrongdoing. Defense costs, lost billable hours, damage to your reputation, awards and penalties- to name a few. To shield your firm from these costs when a claim is made against your practice, E&O insurance is a necessity.
Errors & omissions insurance not only protects your organization from the costs that come from a claim, having an outside firm handle the process will provide you allow you to focus on your business.
What Should I expect from your process?
Your ProtectLawyers.com broker will make the insurance purchase process as painless as possible:
- Our first step is to aggregate details about your firm. This involves reviewing your application, assessing your practice and a meeting on the phone or in your offices.
- Taking this information, we will then present you with a list of insurance companies we will approach on your behalf.
- Your broker will provide a through overview of options after negotiating competitive quotes. With our analysis and assistance, the best option for your firm is clear.
To begin the process, click here.
What Makes us Different?
We set ourselves apart by our ability to assess your needs and our targeted approach. We have deconstructed the insurance buying process and rebuilt it with our clients in mind.
Cutting edge data collection – Every broker that will assist you through ProtectLawyers.com is a former insurance company underwriter. The benefit of this is that your salesperson has experience working at an insurance carrier and has spent years examining hundreds of law firms. This gives us the ability to gauge your firm quickly and ask questions that are relevant to the underwriters we approach. We strive to make the insurance purchasing process effortless and this this assures that happens.
Superior analytics – We model your risk using financial and statistical analytics. Taking into account your firm’s upcoming corporate plans, financial structure and capital constraints, we find insurance options tailored to your needs – both current and future.
Superior negotiation – Using the data previously gathered about your firm, we negotiate with each market with an unmatched precision. Each brokers you work with is experienced in negotiation techniques and charts a plan to assure that your final policy has the unique coverages you need, while stripping out those that are unnecessary. This achieves the protection you need at the lowest price available.
A process that is frictionless, a policy that is tailored to your firm and a premium that is the lowest available. This sets us apart from every other brokerage.
What Insurance Carriers do you work with?
As a specialist firm we have access to over 30 companies writing professional liability insurance for law firms. While navigating the changing market can quickly overwhelm, we will act as your advisor through it.
Because we are an independent brokerage firm, we will NOT steer you to a company or an option for our own personal gains. We help you consider each option based on its own merit – allowing us to align our interestes with yours.
What factors influence the cost of my insurance?
Many factors are considered by an insurance company when pricing your policy. Professional liability insurance considers the following factors:
• State the firm is domiciled in
• Coverage options chosen
• Retroactive date
• Practice areas of the firm
• Professional headcount
• Past claims
Contact us to discuss these further.
Is my practice too small to really need insurance?
If your firm has no clients and no revenue, you may not need insurance. But as the first client is engaged and your firm begins rendering professional services, you have a need for insurance. Any service you offer can be the basis for a lawsuit and it is often the smaller firms that lack the resources to dedicate to their own defense – making insurance that much more important.
What other insurance products my firm consider?
• Directors and Officers/Partnership Liability insurance (insures the directors,officers and partners of a firm against allegations of mismanagement or wrong doing)
• Cyber/Data Loss Liability Insurance (protects against the costs of losing client data)
• Employment practices liability (provides defense and indemnity for lawsuits relating to employment such as harassment or wrongful termination)
• Crime/Fidelity (insurance for losses from employee theft of company funds)
• Fiduciary liability (protection for claims of breach of duty as a fiduciary of your firm’s benefit plans, this also often contains the ERISA bond element required by ERISA)
Contact us with questions about whether your firm can benefit from these insurance products.
Will my intellectual property work be covered?
Yes. Intellectual property legal work is a specialized risk, demanding specialized coverage. Many professional liability policies for law firms do not have the necessary language included to adequately address this risk. We will work with you and make sure that your firm’s work in this area is covered.
How does a claims made policy work?
Can I pay my insurance premium in installments?
Yes. There are two ways that you can pay your annual premium. First, a number of professional liability insurance companies provide payment plans as part of their value added services. Secondly, since many insurance companies do not have these programs, we coordinate and partner with a specialized regional bank that offers our clients the ability to finance their premium through a monthly billing cycle. If this is of interest to your firm, be sure to mention it when you speak to your ProtectLawyers.com contact.